Both instruments are common in California and convey ownership of property to another person.
GRANT DEED:
The grantor transfers all of his ownership rights in a specific property to the Grantee
Grant deed carries implied warranties, which means the Grantor guarantees or warranties that he owns the property being conveyed and has disclosed any limitations on the Grantee’s rights to the property in the deed itself
Grant Deed warranties that the seller is conveying title to the property with “marketable title,” meaning that title is free and clear of other claims or encumbrances
Grant Deed is typically used in sales for most arms-length real estate transactions not involving family members or spouses
It can be used for any conveyance of real property, regardless of whether there is a sale for value involved
QUITCLAIM DEED:
Similar to the Grant Deed in the fact that it conveys ownership in the property, although it carries none of the implied warranties of a Grant Deed
Seller makes no guarantee of “marketable title” to the buyer
The conveying party may or may not have a record interest in the property; this deed conveys only whatever interest the conveying party may have in the property
Is typically used to convey spousal interest or inter-family conveyances
Few buyers will accept a quitclaim deed when they buy property
If you have any questions regarding which deed you should use for your transaction, contact Think Real Estate Benefits today and one of our attorney's advisors can give you the right guidance.
(619) 251 - 1088
Source: Leslie Shrimplin, VP | Title Operations Manager, Lawyers Title